Norfolk brothers who defrauded millions from investors to be sentenced
PUBLISHED: 17:13 30 April 2018 | UPDATED: 17:21 30 April 2018
Two financial advisors who admitted to defrauding millions from their clients are due to be sentenced this week.
Norfolk brothers Alan Taylor, 38, of St Stephen’s, Norwich, and Russell Taylor, 37, of Trunch Road, Mundesley, pleaded guilty to conspiracy to defraud last month after it was found they had defrauded more than 200 investors through a high-risk investment scheme.
Opening the sentencing today in King’s Lynn Crown Court, prosecuting barrister Collingwood Thompson QC said this was a “wholesale betrayal of trust.”
Around £17m of the brothers’ clients money was placed into their collective investment fund called Vantage Investment Group (VIG) without the investors knowing it was high risk.
Both defendants were directors and shareholders in VIG where the only investors in the fund - outside of their family - were their clients.
Mr Thompson said a VIG memoranda detailing the risks attached to the investment programme were not seen by any of the clients.